Buffett-backed BYD to supply EV batteries to Ford

By REUTERS | 1 June 2020

Men cleaning a BYD e2 electric car displayed at the 2019 Shanghai auto show. — Reuters

BEIJING: Chinese electric vehicle (EV) maker BYD Co Ltd, will supply EV batteries to US automaker Ford Motor Co, a document on the website of the Ministry of Industry and Information Technology showed today.

Ford’s China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD’s batteries, according to the document.

This marks BYD’s first-known battery supply deal with a major global automaker.

Shenzhen-based BYD, which is backed by US investor Warren Buffett, said it would supply EV components including batteries and power management devices.

The Dearborn, Michigan-based automaker said last year it planned to launch more than 30 new or significantly redesigned models in China by the end of 2021, of which over a third will be electric vehicles.

Ford and BYD did not immediately respond to requests for comment.